Sui Foundation treasury will be held in qualified custody and launch unlocks institutional-grade custody for all participants of the SUI ecosystem.
PALO ALTO, Calif.--(BUSINESS WIRE)--The Sui Foundation, dedicated to supporting the SUI ecosystem, today announced that it has partnered with BitGo, the leader in custody and security solutions. Through this partnership, holders of SUI tokens will be able to custody and stake these tokens via custodial and non-custodial wallets on BitGo’s platform.
BitGo and the Sui Foundation also announced today that the Sui Foundation will custody its own treasury with BitGo and stake part of this treasury using BitGo’s wallets, further extending this unique partnership.
“Our partnership with BitGo is evidence of our commitment to widening the Sui ecosystem and creating a diverse community of users inclusive of both institutions and individuals,” said Evan Cheng, Co-Founder and Chief Executive Officer of Mysten Labs, initial contributor to the development of the Sui protocol. “Together, we can make meaningful inroads in broadening the number of people interacting with the Sui ecosystem and ultimately advance our goal of mass Web3 adoption.”
“BitGo is excited to become the first qualified custodian to provide custody and staking services to the entire Sui ecosystem, including holders of the SUI token who are seeking a secure way to store and stake their assets,” said Mike Belshe, Chief Executive Officer of BitGo. “Sui Foundation has connected an extensive network of developers and institutions that are committed to furthering Sui, the Open Web, and Web3 evolution, and we are excited to deliver community members safe and reliable custody and staking services for their SUI tokens.”
“We are excited to see BitGo launch custody, execution and staking for SUI, providing institutional caliber services to support one of the most exciting, high-growth Layer 1 protocols in the market,” said Sal Ternullo, Partner at Warburg Serres Investments. “We look forward to using BitGo’s services to continue our investments across this next chapter of growth and development for the Sui ecosystem.”
BitGo adds SUI to a growing list of over 600 tokens that it currently supports on its platform, underscoring the growing interest among institutions for access to high-speed, complex blockchains and their native tokens.
Sui is the first Layer 1 blockchain designed from the ground up to enable creators and developers to build experiences that cater for the next billion users in crypto. Developed by Mysten Labs, Sui is horizontally scalable to support a wide range of dApp development with unrivaled speed at low cost. The first-of-its-kind platform brings users a general-purpose blockchain with high throughput, instant settlement speeds, rich on-chain assets, and user-friendly web3 experiences. Sui is a step-function advancement in blockchain, designed from bottom up to meet the needs of the next billion users in crypto. Learn more: https://sui.io
BitGo provides the most secure and scalable solutions for the digital asset economy, offering regulated custody, staking and trading, and core infrastructure to investors and builders alike.
Founded in 2013 — the early days of crypto — BitGo pioneered the multi-signature wallet and later built TSS to improve upon other companies’ MPC offerings. Between multi-sig and TSS, BitGo offers the safest technology on the market and safeguards over 600 tokens across a wide variety of blockchains. Over the years, BitGo has expanded from offering wallets into providing a full-suite solution that lets clients hold assets safely and then put them to work. BitGo launched BitGo Trust Company in 2018, providing fully regulated, qualified cold storage to complement BitGo Inc’s original hot wallet solution. In 2020, BitGo launched BitGo Prime, which allows its clients to trade, borrow, and lend. Moreover, BitGo also provides access to DeFi, staking, NFT wallets, and beyond, and serves as the world’s sole custodian for WBTC, or wrapped Bitcoin. Today, BitGo is the leader in digital asset security, custody, and liquidity, providing the operational backbone for more than 1500 institutional clients in over 50 countries — a list that includes many regulated entities and the world’s top cryptocurrency exchanges and platforms. BitGo also processes approximately 20% of all global Bitcoin transactions by value. For more information, please visit www.bitgo.com.
Carissa Felger/Sam Cohen
Gasthalter & Co.
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